Peradach Patanachan, President of Renewable Energy Business at B.Grimm Power Public Company Limited (SET: BGRIM), revealed that on January 9, 2026, BGP Holding (US) LLC (BGP US), a wholly owned subsidiary of B.Grimm Power, acquired ownership in New England Reliable Hydropower Holdings LLC (NERH), a Brookfield NERH Aggregator LLC (Brookfield) affiliate.
NERH is a hydropower plant developer with an installed capacity of 406 megawatts, together with an 8-megawatt battery energy storage system (BESS).
After meeting the conditions under the sale and purchase agreement signed on July 10, 2025, BGP US acquired a 25% ownership stake in NERH, valued at $230.02 million (equivalent to approximately THB 7,242.43 million). Upon completion of the transaction, NERH became an associated company of BGRIM, while the remaining 75% stake in NERH is held by Brookfield affiliates.
Among NERH-owned 26 hydropower plants, 403 megawatts (25 plants) are located in the state of Maine, and 3 megawatts (one plant) in New Hampshire, United States.
This portfolio accounts for about 20% of all hydropower generation in the New England free market, with the electricity generated sold to the New England Independent System Operator (ISO-NE) market and to private off-takers through stable mechanisms and contracts.
The U.S. energy sector, particularly the ISO-NE market, represents a major opportunity for BGRIM as New England’s electricity demand is forecasted to grow from 138 terawatt-hours in 2025 to 256 terawatt-hours by 2050, driven by economic growth, increased electrification, and energy transition policies.
Meanwhile, every state in the New England region has set goals to reduce greenhouse gas emissions by at least 80% by 2050—supporting the shift toward clean and stable energy sources.
This investment aligns with BGRIM’s GreenLeap strategy, which aims to diversify renewable energy assets geographically and technologically. This follows the success of its partnership with Brookfield in investing in the 30-megawatt Malacha hydropower plant project in California in 2024. The 25% stake acquisition in NERH will strengthen BGRIM’s long-term strategic cooperation.
Simultaneously, this investment significantly expands BGRIM’s renewable energy business base in the U.S. through a stable platform with long-term scalability potential.
It also reflects a shared vision with Brookfield in creating sustainable value under this investment and supports their long-term target to become a net-zero greenhouse gas emissions organization, as well as reaching 10,000 megawatts of generation capacity by 2030.
Peradach further stated that BGRIM’s 2026 renewable energy investment plan is proceeding as scheduled. Beyond existing projects that will commence commercial operation (COD) this year with an additional 400-500 megawatts, the company also has new investment projects and renewable energy M&A abroad currently under study, which are expected to be finalized within 1Q26.
The company focuses on expanding investments in Asia, Europe, and the U.S. to achieve more than 50% renewable energy mix and 10,000 megawatts of electricity generation by 2030, and to move toward Net-Zero Carbon Emissions by 2050.
Siriwong Borvornboonrutai, President of Finance and Accounting at BGRIM, said that the business outlook for 2026 on capacity growth is expected to be in accordance with the plan, with full-year revenue recognition from projects that reached COD in the latter half of 2025.
Furthermore, new projects set to reach COD this year include: 1) INSEE B.Grimm 80-megawatt solar power plant, 2) Zhongce Rubber 35-megawatt solar rooftop project at the Amata City Industrial Estate, Rayong, 3) Nakwol 1 offshore wind power project in South Korea (365 megawatts), 4) Huong Hoa 1 onshore wind power project (48 megawatts), and 5) other projects totaling up to 30 megawatts, equating to about 500 megawatts in all, not including ongoing M&A negotiations expected to finalize in the first half of 2026.
Meanwhile, the company is also studying additional M&A opportunities in the U.S. renewable energy business, with production capacity and investment amount to be clarified soon.
Currently, the group has already invested in the 30-megawatt Malacha hydropower plant in northern California, with installation of pump storage to increase capacity.
Following these, the Investment Analysts Association (IAA Consensus) gives a consensus target price for BGRIM at THB 17.39 per share, ranging between THB 13.70-20.00 (as of late 2025 to early 2026).
